“Doge to the moon” “#Doge420” “#Dogeday420” have been some of the most trending hashtags recently, as Dogecoin, a popular meme based cryptocurrency has taken over social media. Until you are completely oblivious to social media, you must have heard all the chatter around this popular coin, which has made a cult following of its own.
But what exactly is this Dogecoin and how is it getting its place in all the latest trends? When the investors are still trying to comprehend the meteoric returns in Bitcoin and are yet to grasp the technology behind it, how is the technology behind this particular cryptocurrency better than Bitcoin ? (or is it really better? )
What is DogeCoin:
DogeCoin is based on the popular internet meme, “Doge” and features a Shiba Inu (a type of dog breed) on its logo. It was created by Billy Markus & Jackson Palmer in 2013.
Dogecoin was envisioned to be a fun, light-hearted cryptocurrency which would have a wider appeal than Bitcoin because Bitcoin’s core audience was mostly just techies, and Doge was already popular as an internet meme.
Fast forward to 2021 and we can see Mark Cuban, SnoopDogg, Mia Khalifa, Elon Musk tweet about DogeCoin.
Why the hype about?
DogeCoin has been mostly used as a tipping coin on sites like Reddit & Twitter due to its low price.
In 2020, Tiktok user@jamezg97 tried to get Doge to $1 by urging all Tiktok users to invest $25 in the coin. Sounds silly, but it worked, Dogecoin pumped around 60% and was again in the news cycle. This was followed by Elon Musk constantly tweeting about DogeCoin and calling himself CEO of DogeCoin keeping doge in the news cycle throughout the year.
Brands integrating DogeCoin:
Mark Cuban made an announcement that his team Dallas Mavericks will accept Dogecoin as payment for merchandise and tickets.
Post this announcement they also became the largest merchant of Dogecoin
NewEgg, one of the largest online retailers, became the latest company to accept DogeCoin as payment.
“Popularity gives rise to curiosity.” Bitcoin and other cryptocurrencies have seen unprecedented gains in the past year. While investment in cryptocurrencies is yet to enter mainstream adoption with questions around their legitimacy and regulations, Dogecoin’s social mania has attracted many newbies who just want to “Pump” doge to the moon! Dogecoin’s rise came during a surge in online trading of stocks and crypto by retail investors, stuck at home with extra cash because of the COVID-19 pandemic.
Should you buy?
Everyone will always refrain to give any financial advice. Even in this case, the choice will be always yours., but we would like to highlight some points –
- Unlimited Supply :
Dogecoin is an inflationary asset which means new doges are continuously added. Compared to Bitcoin, which is limited to 21 Million Bitcoins to ever exist. - 14.4 million coins a day:
Dogecoin gets bigger every single day, around 10,000 new doge coins are released every minute, meaning 14.4 million doge coins a day or 5.2 billion coins a year. - Team? LOL, no team.: Jack Palmer, co-founder left the project in 2015 and very little development has been done on DogeCoin since then.
- Technical Development? Barely any, source: github
- Fun? Maybe
Conclusion-
Crypto investors need to stay vigilant throughout the investment process. As mentioned earlier, the crypto trading market is volatile and has risks, and wrongful investments can result in losses.
Many exchange platforms offer the facility of buying and selling crypto currencies. These platforms are complex and appeal to a trader’s mindset with hundreds of coins to choose from (including Doge) and technicalities that might confuse you to your very core. If you have made up your mind to diversify your portfolio to include cryptos, start off with a platform that is easy to use and promotes long term investing over trading.
B21 Invest is one such platform in the market which caters to the people who are new in crypto. No clutter, but offering only the top cryptos to choose from or even create your own portfolio of them! On B21, anyone can create a personalised crypto portfolio and easily deposit funds using UPI, Bank Transfer, and Debit/Credit Cards.
You can start investing in crypto Now.
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